Fidelity Investments has acquired a retail property with 93% occupancy in the suburbs north of Dallas. The 13-acre shopping center is anchored by Tom Thumb and dates to the 1970s.

Fidelity Investments has acquired a retail property with 93% occupancy in Plano. 

Its purchase of Independence Square, a 140,218-square-foot shopping center at 3100 Independence Pkwy., closed in late March, a spokesperson for real estate firm JLL said in an email.

JLL’s Chris Gerard, Erin Lazarus, Barry Brown and Adam Howells represented the seller, Head Capital Partners. Financial terms of the deal were not disclosed.

Independence Square was built in 1977 and renovated in 2005. The 13-acre shopping center is anchored by Tom Thumb, which has operated at the site for more than four decades. The property boasts an average lease term of just over four years, according to an April 3 announcement.

Fidelity could not be reached for comment.

“We’re seeing renewed interest from investors in high-quality retail assets that serve as community hubs and offer stable cash flows with growth potential,” Lazarus said in a statement.

Retail occupancy in Dallas-Fort Worth was 95.1%, near an all-time high, according to a report by retail-focused real estate firm Weitzman. That underscores the allure of retail space despite the rise of online shopping and economic uncertainty.

Looking ahead, retail construction is expected to pick up this year. Most of the new space will come from grocery-anchored centers in fast-growing urban areas and mixed-use projects. Major big-box retailers like H-E-B, Walmart and Costco Wholesale Corp. are behind much of the growth, with 2025 deliveries projected to hit 2.7 million square feet — the highest in seven years. The market has stayed above 90% occupancy for the past 11 years, and with nearly 200 million square feet of retail space, it remains the largest retail market in the Lone State State, according to the Weitzman report.

DFW’s booming population continues to fuel this retail momentum. Between July 2023 and July 2024, the metro population grew by about 178,000, according to the latest U.S. Census Bureau estimates — or about 487 new residents per day. That was the third largest increase among all metro areas nationwide last year, according to the federal data released March 12.

“Independence Square has been a cornerstone of the Plano community for over four decades,” Gerard said in a statement. “This transaction underscores the enduring appeal of well-positioned, grocery-anchored retail centers in thriving suburban markets.”

Fidelity is a major financial services firm with a significant real estate portfolio. The company, which laid off 700 in March 2024, reported 2024 revenue of $32.7 billion.